Bristol-Myers Again Beats Claim It Misled Investors About Payout

Bristol-Myers Squibb Co., for a second time, won the dismissal of a proposed class action alleging it misled investors about a payout dependent on the Food and Drug Administration’s approval of a cancer therapy drug tied to its 2019 acquisition of another pharmaceutical company, Celgene.

A federal court dismissed the claims Thursday for failure to plead scienter—that the company or its officers intended to deceive, manipulate, or defraud. But it granted the plaintiffs leave to file an amended complaint.

The plaintiffs’ amended complaint, alleging violations of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule ...